There are 195 countries in the world and you can transfer money to and from all of them. Learning the fundamentals of international money transfer methods can seem daunting for a first-timer.
If you are not sure how to transfer money internationally you should learn before embarking on your first big adventure. Knowing how to transfer money when abroad is crucial for your safety and wellbeing.
Check out these 5 must-know realities of transferring money beyond borders. Only then can you choose your best option out of all the international money transfer services.
1. You Need to Watch Out for Scams
There are tons of scams out there that request you to transfer money internationally. Sometimes people will pose as a family member held for ransom or as a foreign authority.
Never transfer money to an unknown or unexpected party overseas. Always consult with authorities and try to get in touch with estranged family members before transferring anything.
2. Electronic Services Are Great
The best way to transfer money internationally without a hassle is to use an electronic service. You first need to make sure that the online service you select is reputable and efficient.
Check out this service if you are looking for one of the best ones around to handle your international money transfer needs. You can use their international money transfer app to make things even easier.
3. International Money Transfer Laws Are Strict
Many countries have strict laws when it comes to the international transfer of money. If you are carrying foreign currency or cash into a country you must declare it at customs.
Most countries don’t allow you to transfer more than $10,000 of currency on your person in one trip. To avoid problems with authorities it is better to use an electronic service.
4. Not All Currencies Are Equal
Exchange rates play a crucial role in international money transfers. Not all currencies are equal and some are worth much more or less than others. You need to look up the current exchange rate to see what is appropriate.
This may seem obvious to seasoned travelers, but first-timers may be oblivious to this fact. For instance, never transfer a single U.S. dollar for a single Peso. Despite both being one unit of currency, a U.S. dollar is worth over 20 Pesos.
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5. You Need Your Recipient’s Information
If transferring money overseas to a third party you need to know some of their information. You must provide your social security number and identification card as well as your recipient’s.
Some services also require a picture of you and your recipient holding their identification card for enhanced security. The goal of this is to help reduce fraud and international money laundering.
Be a Global Citizen
Part of being a global citizen means knowing the basics of international money transfer protocols. You never know when you or a loved one may depend on a transfer of money while abroad.
Make sure to put the tips in this guide into practice when transferring money internationally for the first time. By using the knowledge in this guide it should go off without a hitch. For other great information check out our website!